Five questions asked at the 2022 Iluka Resources AGM

April 13, 2022

Here is the text of the 5 text questions asked at the 2022 Iluka Resources AGM which were all read out in full and addressed by chairman Greg Martin. I miscalculated the time difference with WA so logged into the AGM when it was almost finished after 50 minutes of action.

1. Did any of the main proxy advisers - ACSI, Ownership Matters, Glass Lewis and ISS - recommend a vote against any of today's resolutions? Which of the proxy advisers are covering us and has their been a material proxy protest vote against any of today's resolutions? Will you disclose the proxy votes before the debate on today's resolutions so shareholders can ask questions about the reasons if there have been any protest votes?

Answer: everyone was in favour.

2. Given the interesting discussions across a range of topics today, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? Will you commit to publishing a transcript from today, plus a back catalogue of AGM transcripts so investors can access a full history of debate at the most important governance meeting of the year. The likes of Nine, AGL and ASX all produced their 1st AGM transcripts last year. Will you follow suit today?

Answer: chair said he couldn't see a reason not to do this.

3. When disclosing the outcome of voting on all resolutions today, including this LTI grant for the CEO, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a disclosure initiative adopted by the likes of Metcash, Altium and Dexus after their 2021 AGMs.

Answer: we'll consider this but not commitment.

4. If we had kept the $13 million in JobKeeper, would this have impacted on the CEO's LTI grant vesting. Could the CEO comment on the intersection between his pay and the Jobkeeper situation and outline what feedback he received about our decision to shun the widely rorted scheme?

Answer: chair said very proud to return JobKeeper and CEO said all stakeholders responded very positively. Chair said it would been excluded from LTI calculations although CEO said his LTI was based on TSR so hard to see how it would have been excluded if it had been retained.

5. Why not disclose the proxies on this item before the debate as that is ASA policy and best practice in the market. Will you consider lodging the proxies with the formal addresses ahead of next year's AGM as NAB, Afterpay and Ausnet agreed to do last year following a written request from me. This would give us more time to prepare follow up questions where there has been a meaningful protest vote.

Answer: chair Greg Martin is retiring at today's meeting but said remaining directors would consider this.